Summit Investment Advisory Services, Inc. (Roseville)

Summit Investment Advisory Services, Inc. is a large advisory firm based in Roseville. It manages $257.76 million of regulatory assets for 1,197 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Arizona, Colorado, Florida, and 3 other states.

Summit Investment Advisory Services provides financial planning services and portfolio management for individuals and small businesses. It prepares financial plans for approximately 1,075 clients. On top of advisory services, the firm doesn't engage in other business activities.

Summit Investment Advisory Services: assets under management

The assets under management (AUM) of Summit Investment Advisory Services, Inc. is $257.76 million. The firm's AUM has grown by 129% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $253.48 million in discretionary accounts and $4.28 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $213.19 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $535.17 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 89% of the total AUM. The second-largest asset type is pooled investment vehicles, which make up 5% of the firm’s portfolio. Investments in exchange traded securities form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Summit Investment Advisory Services, Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Sean Patrick Mcdermott serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Sean Patrick Mcdermott is individuals with 686 clients and $144.22 million of assets under management. Among the 10 most similar advisory firms, Summit Investment Advisory Services has the 4th highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $257.76 million for 854 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Summit Investment Advisory Services doesn't advise any private funds.

Careers at Summit Investment Advisory Services, Inc.

The company employs 6 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 6 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Summit Investment Advisory Services, Inc. is owned by Scott Edward Caskey. Sean Patrick Mcdermott has been acting as President since 1 Sep 2013. Russell David Rogers joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 1 indirect owner.

Based in Roseville

The principal office where Summit Investment Advisory Services, Inc. performs its advisory services is located at 3065 Center Pointe Drive, Roseville, MN 55113, which is also the mailing address of the firm. An additional office of the firm is in Hudson, WI. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 651-490-2939 or by fax 651-490-7569. The normal business hours are 8:00 am - 5 pm on Monday - Friday. You can find more information about the New York firm at summitinvest.com.

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